EOW of Odisha Police arrests Managing Director of Chit Fund Company for duping investors

Kolkata (West Bengal) [India], July 26 (ANI): The Economic Offences Wing (EOW) of Odisha Police has arrested a Managing Director (MD) of a company on the charges of duping investors of approximately Rs 15 crores.
The accused Kumar Biswal was arrested from New Garia, a posh location in Kolkata on Sunday.
According to a press statement from the Crime Branch of the Odisha Police, He was arrested under section 406/420/467/468/471/120-B IPC r.w. Section 6 of OPID Act, 2011. He was produced before the Additional Chief Judicial Magistrate, 24 Pragana (South), Kolkata on Sunday, who issued transit remand.
On the strength of transit remand, the arrested accused is being produced on Monday in the Ld.
Designated Court, under OPID Act, Balasore.
"The above noted case was registered on the written complaint of one Sukadev Hota of Soro, Balasore against above named accused Prata Kumar Biswal, Chairman & Managing Director of M/s Mass Infra Reality Ltd. and Human Welfare Credit & Thrift Co-operative Society Ltd. and its other six directors on the allegation of duping the complainant and many other depositors to the tune of several crores in the pretext of returning high rate of interest on deposits under different schemes floated by their Company," the press statement read.
It said, Investigation revealed that M/s Mass Infra Reality Ltd. is registered with ROC, Kolkata during September 2010 under the Companies Act, 1956 having its registered office under Barasat Police Station, 24 Praganas in West Bengal. Accused Pratap Kumar Biswal was its Chairman-cum-Managing Director and there are other six Directors.
Subsequently, during the year-2012, it changed to Human Welfare Credit & Thrift Co-operative Society Ltd. registered under Multistate Cooperative Societies Act, 2012 having its registered office in Laxmi Nagar, New Delhi and the above named accused Pratap Kumar Biswal was its President.
The press statement further read, "The company represented through the Managing Director (the present accused) and other Directors had allured general public with false promise of returning high rate of interest on deposits under different schemes of the company and unauthorisedly collected huge amount from several investors and absconded from the locality after closing their offices."
Investigation of the case is in progress. (ANI)